When we wrote last week’s outlook, we hadn’t seen the election results or heard from the Federal Reserve yet. Those events feel like they happened a month ago, but here we are a few days later with the S&P 500, Nasdaq, Bitcoin, and other markets having plenty of momentum. But what about Ethereum? Here’s the setup, notes Bret Kenwell, US investment analyst at eToro.
We’ve talked about Bitcoin a lot (and that’s not surprising with it at all-time highs). ETH surged higher at the start of the year, briefly clearing the $4,000 mark before falling down toward $2,200.
If you notice on the chart, the $2,750 area was critical. First it served as support until the summer, before it ultimately failed and then turned into resistance.
Chart as of 8:00 am Eastern on Nov. 11, 2024. Source: eToro ProCharts, courtesy of TradingView.
Now Ethereum is back above this key mark and it has even regained $3,000. If ETH can stay above $2,750, the bullish momentum could continue. However, if Ethereum drops back below that mark, a retest of the 200-week moving average — which has been key support this year — could be retested.
